How to Save Money on Home Upgrades
Home upgrades offer a number of advantages. You can make your house more comfortable, more valuable, more livable, and even more exciting simply by changing something or adding something to the home. However, home upgrades can be expensive.
So what tips and tricks can you use to save money on those home upgrades?
Do Your Research
Before you take any affirmative steps on a home renovation project, you should spend time on due diligence, collecting as much information as possible so you can make more effective decisions.
For example, if you want to build an outdoor kitchen, you should learn everything there is to know about outdoor kitchens. If you do, you’ll learn that there are many potential ways to pursue the construction of an outdoor kitchen, such as utilizing prefabricated units, capitalizing on standard layout plans, or customizing your own creation from scratch.
This information can help you save money in a variety of ways. It can help you understand “standard” costs for a project, so you know when a quote is reasonable. It can help you choose a process and a strategy that’s going to be most effective for your budget. And it can also help you avoid critical mistakes that could otherwise cost you significantly.
Set a Budget
Soon after you’ve done some research, you should consider setting a firm budget. With the information you’ve acquired, you should know the approximate cost of a project of this scope. When you have a firm budget in place, you can begin allocating that budget according to your priorities and needs. You can also start figuring out what types of compromises you might need to make or which areas are easiest to cut.
Know When to Splurge and When to Save
In almost any home improvement project, there are areas where it will make sense to splurge and areas where it will make sense to save. For example, it’s a bad idea to swap sturdy foundational construction materials for weaker, less reliable counterparts, even if it saves you a lot of money. On the other hand, if you’re torn between two very similar aesthetic choices and one is a bit cheaper, you have a strong motivation to choose the less expensive option.
Outline the Scope of Your Project
You don’t need to explore every detail in advance of starting the project, but you should have a general project scope outline in place. This will help you identify areas of work or purchase that simply aren’t necessary and avoid the potential for scope creep, which can both significantly increase your spending and complicate the process.
Shop Around for Materials
It’s likely that you’ll be able to save significant money on materials for your project, especially if you’re willing to make compromises. Choosing a simpler, more accessible material or purchasing from a more accessible vendor can ultimately save you hundreds to thousands of dollars.
Get Multiple Quotes From Contractors
Always shop around to find the most appropriate contractors for your needs. Many contractors are willing to work for lower prices, but those lower prices are sometimes associated with lower-quality work. Getting multiple quotes and investigating each contractor can help you choose the right balance between price, quality, ease of work, and other priorities. Additionally, gathering multiple quotes can aid you in negotiation – and put pressure on your favorite contractor option to lower their prices.
Negotiate
In many cases, you’ll be able to negotiate. You probably won’t be able to negotiate the prices of materials like wood or bricks, but you can negotiate directly with contractors to get a price that fits within your budget. That could mean the contractor makes a concession to win your business, or that they offer an alternative option that allows you to get what you want for less money. Either way, you win – and the worst-case scenario is that they maintain their previous price and offer.
Do Some of the Work Yourself
If you have DIY experience, you might be able to tackle some (or even all) of the project work on your own. There are some tradeoffs to consider here, however. You’ll typically save money on labor, but you’ll also spend a lot more time. On top of that, you could make a significant mistake that ultimately increases the total project cost.
Consider Your Timing
Pricing can sometimes fluctuate with the seasons. For example, roof replacements are most common in the fall, so roofing contractors sometimes raise prices in response to that demand. Time your project plan carefully to avoid paying a premium.
Saving money on home upgrades isn’t always straightforward, but it is always possible. With research, diligence, and a bit of luck, you can likely complete your project well within your budget.
